Gold Standard aims to expand loan services
A firm that offers payday loans is exploring the possibility of offering additional services including business lending and longer-term loans.
Gold Standard Bermuda, started business more than six years ago and is located on the upper floor of Washington Mall in Hamilton.
In recent years the company has broadened its collateral lending options which have proved a success.
Jonathan Hitchcock, co-owner of Gold Standard Bermuda said: “When Gold Standard first opened, our singular focus was on gold buying, which dovetailed with the rise in gold prices.
“As those prices ebbed and stabilised, so, too, did the direct purchases of gold and silver items. However, there has been a consistent interest in leveraging the value of no-longer-wanted watches, jewellery and other luxury goods, which led to the introduction of collateral lending and consignment options for those types of goods to give our customers greater flexibility.”
Collateral is something of monetary value that helps secure a loan and can help those having difficulty in obtaining a loan to get approved.
Mr Hitchcock said: “There has been a consistent interest in leveraging the value of no longer wanted watches, jewellery and other luxury goods, which led to the introduction of collateral lending and consignment options for those types of goods to give our customers greater flexibility.
“Collateral lending came as a natural extension of the purchasing for those who needed a short-term solution for a temporary need. We expanded this service to include designer handbags, luxury watches and other high-end items.
“The consignment option for these same types of products came more recently and we added display cases to feature these items, which has effectively added a retail component. The pre-owned jewellery, in particular, has been well received — it’s a nicely curated selection and the prices are obviously very competitive.”
Mr Hitchcock has noticed a slight increase in customers taking out loans for the holiday season.
“The customers we usually get are ones who have unexpected emergencies, such as a sudden illness or bill payments that they need help in covering,” he added.
Demand for gold sales “ultimately comes down to the immediacy of a customer’s needs”, he added.
Gold Standard plans to introduce lending to local businesses, longer-term loans and to expand its buying service.
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